USDJPY Forecast

The USDJPY had a significant bearish correction yesterday, bottomed at 80.58 and closed at 80.62. The bias is bearish in nearest term testing 80.23 – 79.52 key support area. I still prefer a bullish scenario at this phase and the current bearish momentum should be seen as a normal correction. Buying around 80.23 – 79.52 seems to be a good idea at this phase due to a good risk – reward ratio, a tight stop loss below 79.52 with nearest target remains seen around 82.20.

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